Former Pennsylvania LPL Financial Broker Under Investigation After FINRA Permanent Bar from the Industry

Silver Law Group is investigating former Pennsylvania-based LPL Financial LLC (CRD# 6413) broker David Garrett Shaw (CRD# 4146204) after FINRA permanently barred him.

FINRA permanently barred Shaw in August 2016 after he failed to respond to a FINRA inquiry for information.  The bar permanently precludes Shaw from acting as a broker or otherwise associating with firms that sell securities to the public.

The bar follows a FINRA arbitration filing in March 2016 that is currently pending.  The FINRA arbitration alleges misrepresentation and unsuitable recommendations.

Shaw has been in the securities industry for over 15 years.  LPL Financial had employed him from May 2012 to June 2015.  Prior to Shaw’s employment with LPL, Wells Fargo Advisors, LLC (CRD# 19616) employed Shaw from April 2003 to June 2012.  Shaw has spent most of his time as a registered representative in the Pennsylvania area.

Unsuitability and misrepresentation, both alleged in the pending FINRA arbitration against Shaw, are common investor problems per FINRA.

Suitability is a problem that can involve any security and occurs when an investment made by a broker is inconsistent with the investor’s objectives and investing profile, according to FINRA.  Factors to be considered can include, age, financial status, long-term goals, income and net worth of the investor.

Misrepresentation can occur when a broker purposefully makes untrue representations of material facts or omits material information.  According to FINRA, this problem commonly is found with low-priced, speculative securities because of their increased risk but can happen with any security in any account.

If you believe you were sold an investment that was unsuitable to your investing profile and goals or purchased an investment because of a misrepresentation, you may be able to recover your money through FINRA arbitration.

FINRA arbitration is a fast, efficient way to try to recover your lost investment funds due to excessive trading or misappropriation.  We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.

If you have invested with David Garrett Shaw and LPL Financial or Wells Fargo Advisors and have lost money doing so, you may be able to recover some or all of your losses.  Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.

800) 975-4345.